Stocks Pump-And-Dump-And-Pump On Fed Minutes; Bonds & Gold Rally

The knee-jerk reaction in JPY (which ran to 101.50 running stops) rippled across stocks (which ran to highs and took out stops), bonds (which ran to high yields of the day and took out stops), and gold (which ran to the week's lows and took out stops). But that did not last long. With the algos taking a back seat for a moment to real positioning, bonds are rallying, gold is up, the USD is down and equities are unch to down (Russell worst). Credit markets remain weak on the week and (just like Monday) unimpressed by equity's exuberance.